Pol­ish econ­omy ex­panded 3.3pc last quar­ter, slower than forecast

The Pak Banker - - BUSINESS -

WAR­SAW: Poland's econ­omy grew less than es­ti­mated in the sec­ond quar­ter with record de­fla­tion and fall­ing un­em­ploy­ment still pow­er­ing house­hold spend­ing.

Gross do­mes­tic prod­uct rose 3.3 per­cent from a year ear­lier, ac­cord­ing to a flash es­ti­mate pub­lished by the Cen­tral Sta­tis­ti­cal Of­fice on Fri­day. That com­pares with the 3.6 per­cent me­dian es­ti­mate of 30 econ­o­mists sur­veyed by Bloomberg. GDP ex­panded 0.9 from the pre­vi­ous quar­ter.

Growth in the Euro­pean Union's largest eastern econ­omy has ex­ceeded 3 per­cent for a sev­enth quar­ter as the na­tion ben­e­fited from a pickup in con­sumer spend­ing, driven by its first de­fla­tion in at least 32 years, higher wages and job gains. As the cen­tral bank has kept its main in­ter­est rate un­changed at a record low since March, house­hold spend­ing, which con­trib­utes 60 per­cent to Poland's GDP, helped sus­tain the econ­omy's re­silience to global and re­gional shocks.

"Sec­ond-quar­ter growth struc­ture was healthy and sim­i­lar to the first quar­ter, with strong con­tri­bu­tions from pri­vate con­sump­tion, in­vest­ment and net ex­ports," Bank Za­chodni WBK econ­o­mists led by Ma­ciej Rel­uga said in a note on Thurs­day. A de­tailed GDP break­down will be re­leased Aug. 28. The zloty erased gains against the euro af­ter the data, trad­ing at 4.1810 at 10:03 a.m. in War­saw.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.